Why the need for the LBA?
Consider the following statistics compiled by the US Census Bureau:
- There are nearly 3 million Latin-owned businesses throughout the United States, generating nearly $400 billion in annual revenue.
- Hispanics constitute 15.4% of the total U.S. population or 46.9 million people, forming the second-largest ethnic group.
- By the year 2025, it is estimated that Hispanics will number 61.4 million, or 18.2% of the U.S. population.
- Between 1990 and 2008, it was estimated that the Hispanic population would increase by 137%, compared to 13.7 percent for the non-Hispanic population, and 24.8 percent for the total population.
- One of the fastest-growing business segments is that of Latin- and women-owned businesses, accounting for approximately $45 billion in annual revenue.
Clearly, the Hispanic community is an emerging, increasingly powerful force. Yet, Latin-owned businesses have traditionally been, and continue to be, under-served and represented.
Recognizing this, the LBA is committed to helping Latin- and Minority-owned businesses thrive by focusing on advocacy, providing business development and training and promoting business opportunities across industries.
Through its array of innovative programs, services and events that create growth and enhance empowerment, the LBA contributes to the advancement of the Latin community, and the prosperity of the nation.